I am starting a home-based business in MN. I have checked on the name and
there is no other domain by the name I have chosen. What I am wondering is
what exactly do I have to do so I am in compliance with all the laws etc. It
is just me in the business. I do not have a location other than my home to
start the business. I have been told I need to register the company with my
state and then deciding to put it as "incorporated" to protect from any
misfortunes. I was told I need to have a business plan written up as well. In
addition, do I charge tax for the sale of my items. As you can see I have
many unanswered questions and not sure which direction I am going now other
than getting it set up online. I have all the info to do a blog and webpage
so now what? Any help would be appreciated. I have also read many articles
online for State of MN and Small Business start up, but I am sure as many of
you know that can be overwhelming as well.
Thank you for any information you can offer.
Good questions! Congratulations on starting your new business. First stop
should be MN Secretary of State's office. Sounds like you're going to operate
as a Sole Proprietor with a fictitious business name (meaning you're going to
use a name that's different than your given name), so that will probably
require a DBA Certificate ("doing business as" or "assumed name"), which
usually comes from either the Secretary of State office or your local County
Clerk. Just because the domain name is available online doesn't mean it's
okay to use that name in MN. So locking in your DBA is first. Next you need
to find out if you have to register your business with the state tax
department (might be called Dept of Revenue or Office of the Comptroller) and
get a state tax ID to collect and pay state taxes. Sometimes there are
multiple tax depts involved: state, city, and county, so you'll have to check
at each level of government to make sure you're collecting and reporting
taxes to every agency that says you have to. As far as a written business
plan is concerned, unless you are going to be trying to get investors or get
a loan from a bank for start-up capital, a formal business plan isn't
necessary. You will want to write down at least an outline of what your
business does, who your customers are, etc., just to give you some clarity on
where your business is going and how it's going to get there. Your business
plan is like a roadmap or a blueprint--it doesn't have to be fancy but it can
be invaluable in giving you direction, keeping you focused, and keeping you
on track to hit the milestones you want to hit (X number of customers, X
dollars in sales, marketing promotions and product launches, etc.). As
someone else here mentioned, you can get free business counselling from your
local SBDC which is a division of the SBA, or you can just do your homework
on the internet and go to the Minnesota Secretary of State's website, which
should give clear directions for what licenses, permits, and tax IDs you
might need and what the reporting requirements are for your type of business.
Hope this helps.
Since this website was intiated for Entrepenuer 50+ I think member of this
site should not promote resource that may incurr cost. Please remember like
myself I am a new comer to becoming a business
Hello, I would like to say congratulations on taking the first step to
self-employment. The first thing I would do is check the state laws.
Sometimes they may require a business license depending on the specifics of
your business. However, you may only need to register your Doing Business As
Fictitious Name with the state. You could also call and ask someone at the
places where you go to get a business license. Someone there should be able
to answer that question for you.
It also depends on state laws on whether you charge taxes or not. Some states
require you to fill out extra paperwork to be able to collect taxes. I hope
this helps.
kmurray | Community Moderator |
5/14/2012 - 2:21 pm
Hi,
Congratulations on the start of your business venture!
In case you haven't already, check out some of our resources for starting a business. You'll find a guide to help you determine if you're ready, details about writing a business plan, and preparing business finances.
A good place to start is with one of SBA resource partners: SCORE, Small Business Development Centers or Women’s Business Centers. These organizations provide free business counseling and training. To find your nearest SBA resource partner, enter your zip code at SBA Direct.
Steve Girard | Window Shopper |
5/12/2012 - 7:25 pm
Hi, Great Question their is a Home-Based Business plan that will provide you
with the resources and tools to help protect and grow your business. With the
problems that you need solutions for.This would be a valuable asset for any
business. Like to be able to call your Law Provider firm toll free without
the worrying about the cost for issues regarding your home-based business,
like questions that you stated above.That's just one of the benefits this
plan has to offer.This plan is available in your state by Legal Shield called
Home-Based Business Legal Service Rider. I hope this will be a help to you.
No No Hair Removal Scam | Window Shopper | 5/30/2012 - 1:59 am
and I would like to learn so much how to start business at home.
angelb92001 | Window Shopper | 5/27/2012 - 6:52 pm
should be MN Secretary of State's office. Sounds like you're going to operate
as a Sole Proprietor with a fictitious business name (meaning you're going to
use a name that's different than your given name), so that will probably
require a DBA Certificate ("doing business as" or "assumed name"), which
usually comes from either the Secretary of State office or your local County
Clerk. Just because the domain name is available online doesn't mean it's
okay to use that name in MN. So locking in your DBA is first. Next you need
to find out if you have to register your business with the state tax
department (might be called Dept of Revenue or Office of the Comptroller) and
get a state tax ID to collect and pay state taxes. Sometimes there are
multiple tax depts involved: state, city, and county, so you'll have to check
at each level of government to make sure you're collecting and reporting
taxes to every agency that says you have to. As far as a written business
plan is concerned, unless you are going to be trying to get investors or get
a loan from a bank for start-up capital, a formal business plan isn't
necessary. You will want to write down at least an outline of what your
business does, who your customers are, etc., just to give you some clarity on
where your business is going and how it's going to get there. Your business
plan is like a roadmap or a blueprint--it doesn't have to be fancy but it can
be invaluable in giving you direction, keeping you focused, and keeping you
on track to hit the milestones you want to hit (X number of customers, X
dollars in sales, marketing promotions and product launches, etc.). As
someone else here mentioned, you can get free business counselling from your
local SBDC which is a division of the SBA, or you can just do your homework
on the internet and go to the Minnesota Secretary of State's website, which
should give clear directions for what licenses, permits, and tax IDs you
might need and what the reporting requirements are for your type of business.
Hope this helps.
pattaboosh | Window Shopper | 5/24/2012 - 6:59 pm
site should not promote resource that may incurr cost. Please remember like
myself I am a new comer to becoming a business
Florida Hypnosis | Window Shopper | 5/22/2012 - 12:22 pm
self-employment. The first thing I would do is check the state laws.
Sometimes they may require a business license depending on the specifics of
your business. However, you may only need to register your Doing Business As
Fictitious Name with the state. You could also call and ask someone at the
places where you go to get a business license. Someone there should be able
to answer that question for you.
It also depends on state laws on whether you charge taxes or not. Some states
require you to fill out extra paperwork to be able to collect taxes. I hope
this helps.
kmurray | Community Moderator | 5/14/2012 - 2:21 pm
Steve Girard | Window Shopper | 5/12/2012 - 7:25 pm
with the resources and tools to help protect and grow your business. With the
problems that you need solutions for.This would be a valuable asset for any
business. Like to be able to call your Law Provider firm toll free without
the worrying about the cost for issues regarding your home-based business,
like questions that you stated above.That's just one of the benefits this
plan has to offer.This plan is available in your state by Legal Shield called
Home-Based Business Legal Service Rider. I hope this will be a help to you.
Regards, Steve
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